Mortgage rates hit the highest level in a month, causing lower income homebuyers to drop out
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- Mortgage rates continued to climb higher last week, causing both current homeowners and potential home buyers to retreat from the market, especially first-time buyers.
- "The ongoing conflict in the Middle East continues to push rates higher.
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Mortgage rates continued to climb higher last week, causing both current homeowners and potential home buyers to retreat from the market, especially first-time buyers. Total mortgage application volume fell 4.4% compared with the week before, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.45% from 6.37%, with points increasing to 0.66 from 0.61, including the origination fee, for loans with a 20% down payment.